S&P rates WFS Global bond B

Standard & Poor's said it assigned a B long-term corporate credit rating to WFS Global Holding SAS.

The agency also said it assigned B rating to the company’s €225 million senior secured bond. The issue rating on the bond is 4, indicating 30% to 50% expected default recovery.

The outlook is stable.

These ratings are in line with the preliminary ratings assigned in June, S&P said.

The ratings reflect the company's weak business risk profile and highly leveraged financial risk profile.

The ratings are constrained by the company's large exposure to the air-cargo handling market, which is viewed as more volatile than ramp- and passenger-handling activities, S&P said.

These weaknesses are partly offset by the company’s position as a leading niche player in the global air-cargo handling market, ownership of warehouses and its road feeder system, which enhances the company's competitive position and operating efficiency, the agency said.

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